Consumption of gold is the highest among middle-income households - those with annual income between Rs 2 lakh and Rs 10 lakh - who account for an average of 56 per cent of gold sales over the last five years, according to a nationwide survey conducted by India Gold Policy Centre (IGPC) at the Indian Institute of Management, Ahmedabad (IIM-A). "Per capita consumption is highest among the rich, but total volume still rests with the middle-income group. "With increasing income, there is an increasing propensity to consume gold, although the share of gold in the portfolio does not increase with the same proportion of income," the survey report says.
MSMEs contribute immensely to the industrial landscape of the country in terms of their 45 per cent share of manufacturing output and 40 per cent of exports.
Gitanjali Gems and Firestar Diamonds together account for 5.8 per cent of the diamond and jewellery trade in India.
After contracting for six straight months, India's exports rose 5.99 per cent to $27.58 billion in September on account of growth in shipments of drugs and pharmaceuticals and readymade garments, as per the government data released on Thursday. Exports stood at $26.02 billion in September 2019. The country's imports contracted 19.6 per cent to $30.31 billion in September.
Gold imports, which have a bearing on the current account deficit (CAD), plunged 57 per cent to USD 6.8 billion (around Rs 50,658 crore) during the first half of this fiscal amid a slump in demand due to the Covid-19 pandemic, showed data by the commerce ministry.
The source said the thieves '100 per cent' planned the heist to coincide with the ball drop.
India's exports increased 3.79 per cent to $26.75 billion in January, helping the trade deficit to narrow to $9.92 billion.
Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers.
Readers share their most memorable photographs!
Indian gold demand seen falling to 8-year low in festive quarter.
The early results from corporate India for the first quarter of 2015-16 are in, and these strongly suggest that a cyclical recovery is underway.
Prime Minister Narendra Modi had asked exporters to prepare a strategy for the next five years and start working in that direction.
Every time the Indian economy has faced headwinds due to international developments, the oil sector has played a crucial role, explains A K Bhattacharya.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
Many cricketers hailed R Ashwin on social media.
All these companies were provided loans by PNB as part of consortium lending.
Nearly 28 per cent of urban Indians are planning to spend on gold in the next three months, signalling a renewed appetite for the yellow metal amid the waning effects of second wave of COVID-19, as per a survey. The gems and jewellery industry, which was impacted by the COVID-induced disruptions in 2020, had shown signs of recovery in January-March this year. However, the second wave of the pandemic put a halt to it. Businesses are beginning to look up as state governments are slowly easing restrictions on movements, and organised retailers are hoping consumer demand to show positive sentiment during the festive season this year.
India imports gold worth $26 bn in Apr-Dec period.
After contracting for six months in a row, the country's exports grew by 5.27 per cent to $27.4 billion in September, Commerce and Industry Minister Piyush Goyal said on Thursday.
The country's exports in December surged 37 per cent on an annual basis to $37.29 billion, the highest-ever monthly figure, government data showed on Monday.
India Inc's order book has more than doubled to an all-time high of Rs 73,320 crore in the second quarter of the current financial year, compared to the first quarter.
Exports of jewellery from India have gone up 32 per cent in the last two months ended May thanks to increasing demand and sale diamonds abroad.
Consumer sentiment seen better than last year's
Tributes poured in for violin maestro T N Krishnan, who died in Chennai at the age of 92, with Prime Minister Narendra Modi, Home Minister Amit Shah and the world of Carnatic music mourning the doyen's demise and recalling his rich contributions.
'His simple lifestyle, his optimism, his hard work and his genuine humility made him an authentic role model to millions of children, many of them growing up in challenging circumstances.'
India's exports turned around in November after falling for 13 straight months, posting a growth of 18 per cent to touch $13.2 billion, but the expansion was attributed to base effect.
Ashwin is relishing one of his "happiest IPL seasons" even though he finished the league phase with 11 wickets and 183 runs IMAGE:
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
India's exports grew marginally by 0.88 per cent.
If he wasn't an actor, Aamir Khan could have made an excellent life coach.
An initiative to fund the education of bright Indian youngsters undertaken by two Indian-Americans has now acquired a momentum of its own, discovers Anjuli Bhargava.
Jewellers see flat gold sales this Dhanteras
Although the country's leading gems and jewellery traders, dealers and exporters are ready to grab a significant portion of the $25-billion market, key changes are required in the country's Income Tax Act and Customs Act.
'...as much as in India, it's only because she sang for mankind, not the details on the passport.'
The country's exports rose by 48.34 per cent to $32.5 billion on account of healthy growth in shipments of petroleum products, gems and jewellery, and chemicals, leather and marine goods, according to the data released by the Commerce Ministry on Thursday. Imports in June too rose by 98.31 per cent to $41.87 billion, leaving a trade deficit of $9.37 billion as against a trade surplus of $0.79 billion in the same month last year. During April-June 2021, the exports increased by 85.88 per cent to $95.39 billion.
India has offered African countries --Botswana, Angola, South Africa and Namibia, incentives to strengthen their jewellery industry in return for direct procurement of rough diamonds from these countries.
The Kohinoor diamond, estimated to cost over $200 million (Rs 1,465 crore), was neither stolen nor "forcibly" taken by British rulers but given to East India Company by erstwhile rulers of Punjab
India's merchandise exports in October surged 42.33 per cent to $35.47 billion on the back of good performance by the engineering and petroleum sectors, as per provisional data released by the government on Monday. The exports stood at $24.92 billion in October 2020 and $26.23 billion in October 2019. "India's merchandise exports in October 2021 was $35.47 billion, an increase of 42.33 per cent over $24.92 billion in October 2020 and an increase of 35.21 per cent over $26.23 billion in October 2019," as per an official statement.
Pressure is on India to eliminate duties on sectors like auto, pharma, chemicals, electronics, gems and jewellery for giving developed nations real market access.
